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89% of breaches had a financial or espionage motive
 FirmNews 
Date
27 April 2016

89% of breaches had a financial or espionage motive

Network leader and business solutions provider Verizon have today published their annual Data Breach Investigations Report (DBIR), which found that 89% of breaches had a financial or espionage motive. Mishcon de Reya worked with Verizon to provide key data based on an analysis of 40 of the Firm's data cases.

Every year, Verizon works with fifty global contributing organisations, of which Mishcon de Reya was the only European law firm to be involved. The data set for the report comprised 2,260 data breaches - incidents resulting in the confirmed disclosure of data to an unauthorised party - and 64,199 security incidents – events that compromises the integrity, confidentiality or availability of an information asset - across 82 countries and various industries.

The DBIR established that the nine incident classification patterns of data breaches it identified in 2014, when Mishcon de Reya also contributed to the report, were still applicable: cyber espionage; DOS attacks; crimeware; web app attacks; insider misuse; miscellaneous errors; physical theft and loss; payment card skimmers; and point of sale intrusions. It also stressed that "no locale, industry or organization is bulletproof when it comes to the compromise of data".

Hugo Plowman, Cybercrime Partner in Mishcon's Dispute Resolution department, added: "We know from the work we do for our clients how important it is to be prepared for data breach, and the need to act quickly in the event that one occurs. Many incident response plans focus on containment and mitigation. It is of course important for a business to contain the problem and mitigate against further damage following a data breach, but there are legal steps that can be taken to identify hackers, recover data and prevent its misuse that are presently being overlooked by some businesses. Asset recovery action should be part and parcel of any crisis response plan."

Robert Wynn Jones, Cybercrime Partner in Mishcon's Dispute Resolution department commented: 'Instances of data theft continue to rise and hackers are becoming increasingly sophisticated in their methods. This  is a pressing issue for all businesses, which, without exception, ought to be taking steps to protect their data. The Verizon report is important in raising awareness of how this threat is evolving.'

Hugo and Robert are featured on page 39 of the DBIR offering legal insight on why there needs to be tougher penalties for data breaches.

Click here to view the report.

 

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